Bahamas - USA - Tax info exchange coming Jan 1st

tax 2003-12-23

The Tax Information Exchange Agreement (TIEA) between The Bahamas and the United States comes into effect Jan. 1, 2004.

The wide-sweeping measure will give the minister the power to obtain information pursuant to a request from the United States, as currently, no such power exists under the laws of The Bahamas, Minister of State for Finance James Smith told the Senate on Monday.

However, the Act provides safeguards that allow the minister to deny a request where the information being requested is subject to legal privilege, public policy and other national security interests, he said.